Mathematical Finance

The MSc in Mathematical Finance at the University of Oxford is a rigorous and comprehensive postgraduate program designed to equip students with advanced knowledge and skills in the mathematical and quantitative methods essential for finance and risk management. This prestigious course combines theoretical foundations with practical applications, preparing graduates for a successful career in the finance industry, academia, or research institutions. The curriculum covers a broad spectrum of topics, including stochastic calculus, financial derivatives, risk management, statistical methods, and computational techniques, providing a solid understanding of modern financial systems and instruments. Students engage with core modules such as mathematical methods for finance, financial modelling, and numerical methods, alongside optional courses that may include machine learning, data analysis, and algorithmic trading. The program is delivered by leading academics and practitioners renowned for their expertise in mathematical finance, ensuring a high-quality learning experience. Students benefit from access to state-of-the-art facilities, extensive mathematical and computational software, and opportunities for research projects, internships, or collaboration with financial institutions. The MSc in Mathematical Finance at Oxford fosters critical thinking, problem-solving skills, and the ability to develop innovative solutions to complex financial problems. The program also emphasizes ethical considerations, regulatory frameworks, and the societal impact of financial decision-making, aligning academic learning with real-world challenges. Graduates of this program are highly sought after by investment banks, hedge funds, financial consultancies, and governmental organizations worldwide, and many go on to pursue doctoral studies or high-level careers in quantitative finance, risk analysis, and financial engineering. With its renowned faculty, rigorous curriculum, and vibrant academic community, the MSc in Mathematical Finance at Oxford provides an exceptional platform for aspiring finance professionals to deepen their expertise and excel in the dynamic global financial landscape.

The MSc covers material on mathematics and related subjects to give students a thorough grounding in the discipline and to enable them to make intellectual links between different topics. There is a substantial interaction with ideas from applied mathematics, pure mathematics, statistics, computing and corporate finance.

Structured for those in full-time employment in the UK or overseas, the course will help you to develop skills to enhance and progress your career without the necessity of taking a career break:

• the course is delivered in a series of intensive week-long modules based in Oxford, so that time away from work is kept to a minimum; 
• the course allows students to choose advanced modules based on, and write an academic dissertation in, an area of relevance to their career;
• the course content is regularly updated to reflect the ever-changing industry and keep the material relevant;
• the course is taught by a panel of world-leading academics and industrial practitioners; and
• it is possible to exit the course early and be awarded the Postgraduate Diploma in Mathematical Finance, should work pressures be such to prevent the dissertation being written.

The MSc in Mathematical Finance builds on a strong quantitative background to educate students in state-of-the-art mathematical and quantitative finance. In order to complete the MSc each student must attend and be assessed on four core modules, three advanced modules and to submit a dissertation. Students are expected to take seven terms (28 months) to complete the course. 

Modules are taught through a series of lectures, practical sessions, guided reading, guest lectures and course assignments. 

The core modules cover the mathematical foundations of probability, statistics and partial differential equations, stochastic calculus and martingale theory, portfolio theory, the Black-Scholes model and extensions, numerical methods (finite differences and Monte Carlo), interest rate modelling, stochastic optimisation, exotic derivatives and stochastic volatility. MATLAB is used as a practical computing language.

Attendance at the four core modules is compulsory. For each module there is an assignment for which feedback and an indicative mark is given to assist you in improving your future performance. Assessment for these compulsory modules consists of two two-hour written examinations held in September of the first year.

Each of the advanced modules explores a key area in contemporary mathematical finance. The programme of advanced modules is published in July each year, and you will be asked to register your choice of three modules. Attendance at these three assessed modules is compulsory. Advanced modules will be assessed by short ‘special project’ reports, each submitted on a subject chosen by you that is covered in the module.

You will complete a dissertation on a topic chosen in consultation with your supervisor and the Course Director.

Applicants are normally expected to be predicted or have achieved a first-class or strong upper second-class undergraduate degree with honours (or equivalent international qualifications), as a minimum, in mathematics or a related discipline. 

For applicants with a degree from the USA, the minimum GPA sought is 3.6 out of 4.0.

If you hold non-UK qualifications and wish to check how your qualifications match these requirements, you can contact the National Recognition Information Centre for the United Kingdom (UK NARIC).

No Graduate Record Examination (GRE) or GMAT scores are sought.

• Official transcript(s)
• CV/résumé
• Personal statement: Around one page
• Admissions exercise: MSc in MF admissions exercise answers with signed disclaimer
• References/letters of recommendation:Three overall, generally academic

ENGLISH LANGUAGE REQUIREMENTS

Higher level

The Mathematical Finance program at the University of Oxford offers a comprehensive and rigorous curriculum designed to prepare students for careers in quantitative finance, risk management, and related fields. Funding opportunities are available through a variety of channels, including university scholarships, external awards, and sponsorships. The university provides several scholarships specifically targeted at graduate students in mathematical sciences, which can significantly offset tuition fees and living expenses. These include competitive scholarships such as the Rhodes Scholarship, the Clarendon Fund, and the Oxford MSc Finance Scholarships, among others. Applicants are encouraged to explore these options early, as many scholarships have specific eligibility criteria and application deadlines.

Apart from scholarships, students may seek external funding from government bodies, private foundations, and industry sponsorships, which support talented students pursuing advanced degrees in finance and mathematics. The university's financial aid office provides dedicated support and guidance to prospective and current students, assisting with application procedures and financial planning. In addition, students may consider part-time work opportunities during their studies, either within the university or in related sectors, to supplement their income.

The program itself is intensive and may involve significant costs related to tuition, accommodation, and living expenses in Oxford. However, the university strives to make education accessible through its extensive funding network. Financial support is often awarded based on academic merit, financial need, or a combination of both. The university also offers loan schemes and bursaries to eligible students. Overall, students are advised to thoroughly research available funding options and apply promptly to maximize their chances of securing financial aid, ensuring that financial considerations do not hinder access to high-quality education in Mathematical Finance.

The Mathematical Finance programme at the University of Oxford is a rigorous and highly esteemed course designed for students interested in applying mathematical techniques to financial markets and investment strategies. This programme is part of the Mathematical Institute and is typically offered as a one-year Master’s course, known as the MSc in Mathematical Sciences with a specialization in Mathematical Finance. It provides students with a deep understanding of complex financial theories, quantitative methods, and computational techniques, equipping graduates with the skills necessary for careers in finance, risk management, and financial engineering.

The curriculum covers a wide range of topics including stochastic calculus, derivatives pricing, financial derivatives, fixed income securities, and quantitative risk management. Students also gain practical skills in programming and data analysis, often using languages such as Python, R, or MATLAB, which are essential for modern financial analysis. The programme emphasizes both theoretical understanding and practical application, enabling students to develop models and algorithms used in the finance industry.

Admission into the programme is highly competitive, requiring a strong background in mathematics, including calculus, linear algebra, probability theory, and statistics. Candidates are expected to demonstrate academic excellence and may also need relevant work experience or research experience in related fields. The University of Oxford offers numerous resources, including access to influential faculty members who are experts in financial mathematics and related disciplines.

Graduates of the Oxford MSc in Mathematical Finance have a strong track record of employment in major financial institutions, investment banks, hedge funds, and quantitative finance firms around the world. Many alumni also go on to pursue PhDs or further research in fields related to mathematical finance. The programme benefits from Oxford’s long-standing reputation for academic excellence, its vibrant academic community, and extensive global network, which can be invaluable for professional development and career prospects in the competitive financial sector.

Overall, the Mathematical Finance programme at Oxford combines intensive mathematical training with practical insights into finance, preparing students for high-level careers or advanced academic research. The programme is tailored to develop analytical thinking, problem-solving skills, and innovative approaches to addressing complex financial challenges, making it a leading choice for aspiring quantitative analysts and financial engineers.